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Author Topic: Question about paying for law school...  (Read 1183 times)

secondsblue

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Question about paying for law school...
« on: February 17, 2008, 01:38:30 PM »
So, in order to go to law school I have to liquidate my assets and be jobless for 3 years. Fine. My question is: can student loans be used to cover things like credit card/auto loan debt, since I'll have to quit my job?

Clayton

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Re: Question about paying for law school...
« Reply #1 on: February 18, 2008, 10:29:02 AM »
Student Loan money (stafford/grad plus), you can only borrow up to the cost of attendance. Meaning it would not be enough to cover previous debt.
For that you would have to take out a very high interest private loan (~12%).

Try to be debt free before school starts. Sell your car, etc.

Btw - really you only have to be jobless the first year. 

vap

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Re: Question about paying for law school...
« Reply #2 on: February 18, 2008, 11:47:28 AM »
Also, your cost of attendance loans (living costs) are only allocated for a 9 month or so period.

If your credit is OK, consider prosper.com for a lower rate.

Hammerstein

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Re: Question about paying for law school...
« Reply #3 on: February 18, 2008, 11:49:57 AM »
In theory, you can use any student loans up to the cost of attendance minus tuition, university fees, etc. for anything you want to use them for (aka "personal expenses")

However, if you do so, then there's a reasonable possibility that you won't have any place to live, no food, etc. unless you have another source of income.

In other words, as suggested above, try to get out of debt before entering law school. 
CLS 2011.  All done.